16-220:502 MICROECONOMIC THEORY II Prerequisite: 16-220:501Introduction to the theory of games and related economic models with informational asymmetries. Topics include non-cooperative games and models of moral hazard and adverse selection.

16-220:504 MACROECONOMIC THEORY IPrerequisite: 16-220:503 or permission of instructorIntroduction to economic dynamics, economic growth, business cycles, and the role of macroeconomic policy.

16-220:505 MACROECONOMIC THEORY IIPrerequisite: 16-220:504General equilibrium modeling of the macroeconomy. Topics will include the stochastic growth model and multiple equilibrium. Empirical validation will also be stressed.

16-220:506 ADVANCED ECONOMIC STATISTICSPrerequisite:Calculus and Linear AlgebraThe purpose of the course is to build a sound background in statistical inferential procedures that are used in economic data analyses. Sampling theory and Bayesian viewpoints will be presented. Topics include probability, random variables and distributions, estimation, testing hypotheses, and sampling distribution of estimators. Knowledge of elementary integral and differential calculus is prerequisite to the course.

16-220:507 ECONOMETRICS IPrerequisite: 16-220:506 or equivalentStatistical estimation and inference of regression equation models. Properties of OLS, GLS, JGLS, 2SLS, 3SLS, and Maximum Likelihood Estimators. Introduction to time series analysis and qualitative response models. Use of linear algebra and statistical packages. The emphasis of the course is on theory via practical applications.

16-220:514 STRUCTURE OF THE FINANCIAL SYSTEMCurrent research topics in financial economics: The Capital Asset Pricing Model (CAPM), the Consumption CAPM, the Term-Structure of Interest Rates, the empirical relation of asset prices to economic fundamentals, volatility, event studies in finance and economics, regulation of financial markets, the stock market crash of October l987 and other topics.

16-220:516 PUBLIC ECONOMICS IITax policy analysis. Topics include optimal taxation, tax incidence analysis, the efficiency costs of taxation, and the measurement of the effects of taxation on economic behavior.

16-220:517 THE ECONOMICS OF THE STATE AND LOCAL PUBLIC SECTORExamination of the economics of state and local government, applying the principles of public economics to the analysis of state and local revenue and expenditure decisions; fiscal federalism; intergovernmental grants; zoning and land use controls; and capitalization. Examination of the empirical evidence on these issues. Additional topics may include analysis of housing, transportation, public finance, public education, interjurisdictional migration and regional growth.

16-220:518 INTERNATIONAL ECONOMICS IMajor areas of trade theory are presented including comparative advantage theory, general equilibrium-factor endowments trade theory, and commercial policy. Recent developments such as imperfect competition and uncertainty models of international trade theory are included.

16-220:519 INTERNATIONAL ECONOMICS IIAnalysis of advanced topics in the area of international finance, international monetary economics and open economy macroeconomics. Topics may include: International business cycles; international financial markets; current account and fiscal policy; sovereign debt; exchange rate regimes; speculative attacks; international policy coordination; growth in the international economy.

16-220:521 ECONOMICS OF HUMAN RESOURCESTheory of human capital, with applications to the economics of education, migration, and other topics. Distribution of earnings, race and sex discrimination. Economics of the family and population economics. Role of uncertainty and imperfect information in the labor market. Compensation schemes and employment contracts. Bargaining and strikes.

16-220:526 Economic Development I Problems of resource allocation for promoting economic growth and structural change in the context of poverty and inequality.

16-220:527 Economic Development II Selected topics in contemporary development economics.

16-220:540 EUROPEAN ECONOMIC HISTORYThe growth of Europe from the sixteenth century to the present. Topics include mercantilism; industrialization, the standard of living debate; international economic integration in the nineteenth century; the gold standard, the Great Depression, the economics of war and peace, and the EC.

16-220:541 AMERICAN ECONOMIC HISTORYThe development of the American economy from colonial times to the present. Topics that will receive particular attention include industrialization, agriculture, slavery, monetary and financial developments, the Great Depression, and postwar growth.

16-220:545 UNCERTAINTY AND IMPERFECT INFORMATIONSelected problems in economic analysis of uncertainty and imperfect information. Emphasis on applications in micro- and macroeconomics.

16-220:546 TOPICS IN GAME THEORYIntroduction to non-cooperative and cooperative game theory that are relevant to economic problems.

16-220:547 THEORY OF SOCIAL CHOICEProblems in aggregating individuals' preferences for making collective decisions. Game-theoretic analysis of voting mechanisms. Selected applications.

16-220:548 ADVANCED TOPICS IN MICROECONOMICSTopics chosen by instructor. May include theory of optimal control, general equilibrium, natural resources, etc.

16-220:549 EXPERIMENTAL ECONOMICSIntroduction to analysis by experimental methods of selected problems in economic theory, focusing on theory of individual choice under uncertainty and game theory, as well as bargaining theory, industrial organization, social choice theory, and financial markets.

16-220:602 SEMINAR IN ECONOMETRICSStatistical inference in econometrics from Bayesian and non Bayesian points of view. Special topics of current interest are covered including inference on structural shifts, model selection, Kalman-filter models and duration dependent models.

16-220:603 SEMINAR IN MONETARY THEORYAdvanced topics in monetary theory covering both micro and macro aspects of the field.

16-220:604 SEMINAR IN PUBLIC ECONOMICSAdvanced topics with emphasis on the current controversies in the field.

16-220:605 SEMINAR IN LABOR AND HUMAN RESOURCESSpecial topics in labor economics, varying from year to year. Past topics have been: economics of transfer programs, economics of health, economics of fertility. Students are expected to complete a project for the course and to present a seminar on its results at the end of the semester.

16-220:606 SEMINAR IN INTERNATIONAL ECONOMICSCourse varies in content depending upon faculty and student interests. Generally, special attention is paid to current topics which will stimulate student dissertation research.

16-220:607 SEMINAR IN ECONOMICS OF LATIN AMERICA

16-220:608 SEMINAR IN ECONOMIC SYSTEMSAnalysis of selected topics relating to the comparisons of planned and market economic systems and related issues of transition. Research paper required.

16-220:609 SEMINAR IN ECONOMIC DEVELOPMENTAdvanced topics in development economics emphasizing skills of modelling and estimation.

16-220:610 SEMINAR IN MICROECONOMICSResearch in microeconomic theory. Papers by students, faculty, and visiting scholars on topics selected by the seminar participants.

16-220:612 SEMINAR IN MACROECONOMICSConsists of two parts: (i) Several lectures reviewing topics and controversies at the frontier of macroeconomics, presented by instructor and discussed by class; (ii) papers on current topics, presented by students and discussed by instructor and other students. Emphasis on development and analytical skills and use of empirical and theoretical tools. Topics to be considered will be mutually agreed upon, and could include (but need not be limited to) the following: causality in macroeconometric models, testing asset pricing models and cointegration.

16-220:613 SEMINAR IN APPLIED ECONOMETRICSApplication of econometric methods for estimation of parameters in an economic relationship as may be specified in a micro/macro generally interdependent simultaneous system model involving use of a body of data cross section and/or time series.

16-220:614 SEMINAR IN ECONOMIC HISTORYSelected topics in recent research in economic history.